Taxes are the single largest expense that business owners pay every year. You will almost definitely give more of your money to the government in tax payments than you will spend on any other endeavor during your lifetime. The government collected $3,420,000,000 in taxes last year. So many zeros!
That is $3.4 Trillion! Yikes! In just one year, the increase in government tax collections is way more than the total tax collected in the early 1960s. Therefore, getting every dollar you can in business tax deductions has never been more critical.
Furthermore, business owners can't overlook the importance of tax planning at all stages of your business, when you first start your business, when you make a small amount of money, or when you make a large amount of money. The self-employment tax kicks in virtually immediately, putting you right in the thick of things in terms of taxes.
One additional dollar in deductions saves 39% of that dollar in taxes.
Feel Free to Discuss Tax Planning with us by booking a Business Consultations Today!